Odyssey trenches Tavsan

Junior Odyssey Resources (ODX-V) has begun trenching its Tavsan property in hopes of uncovering a near-surface sediment-hosted gold deposit.

Situated in western Turkey, Tavsan was first explored by Teck Cominco (TEK-T) in the 1990s, resulting in the discovery of five gold-bearing targets along the contact of a limestone unit and metamorphosed volcanics. One, dubbed Main, was even pegged with a resource of 7.9 million tonnes grading 1.15 grams gold per tonne.

According to Odyssey, recent surface exploration suggests that mineralization in all five targets is associated with a steeply dipping shear zone. The company points to results from grab samples taken between the areas and to an old, 140-metre-long trench that was dug obliquely across the Main zone and averaged 1 gram over its entire length.

About 2 km of trenching are planned, following which drilling will begin.

Odyssey can earn a 100% interest in the property by issuing 75,000 shares and 125,000 warrants (exercisable at 35 apiece) to Teck Cominco. The junior also must spend US$1.4 million on exploration, after which Teck Cominco can back-in for a 51% stake by spending spending US$2.8 million over the following four years.